Russia will hold the 2014 Group of Eight (G8) summit in its southern Black Sea resort of Sochi, the city that will also host the 2014 Winter Olympic Games.

The G8 consists of the United Kingdom, Germany, Italy, Canada, Russia, the United States, France and Japan. The next G8 summit will be held in June 2013 in the UK.

In December 2012, Russia also took over the presidency of the Group of Twenty (G20) of the world’s largest economies. The government allocated $1 million from the federal budget for G20 summit-related events. The summit is to take place in the fall of 2013 in St Petersburg.